Cancor Mines Inc.
CNSX : KCR

Cancor Mines Inc.

October 03, 2011 14:45 ET

Cancor Announces Exercise of Warrants for Proceeds of $1.3 M to Fund Gold Exploration Programme

MONTREAL, QUEBEC--(Marketwire - Oct. 3, 2011) - Cancor Mines (CNSX:KCR) is pleased to announce that it has received proceeds of $1,301,800 from the exercise of 8,678,663 warrants issued pursuant to a private placement offering that closed in March and May 2010. The warrants were exercisable at $0.15 per share and expired on September 30, 2011. The Company has issued 8,678,663 common shares in exchange for the exercised warrants which represent 85% of the total number of warrants issued pursuant to the offering and exercisable at $0.15 per share. The exercised warrants include 2,560,280 warrants exercised by directors and officers of the Company.

The proceeds from the exercise of the warrants will be used for working capital purposes and to fund an exploration programme on the Company's four Algerian properties which are prospective for gold. These properties are held 100% by Cancor and its subsidiaries. The exploration programme is scheduled to begin in October on the North Tirek and In Ouzzal North properties.

Cancor Mines Inc. is a Canadian mineral exploration company involved in the exploration and development of properties with high potential for precious or base metals. The Company is listed and traded on the Canadian National Stock Exchange under the symbol: KCR (CNSX-www.cnsx.ca). The Company has 83,181,989 shares outstanding.

All Cancor Mines press releases are available on the Company's website, www.cancor.ca.

Caution concerning forward-looking statements

This press release contains certain "forward-looking statements", including. but not limited to, the statement regarding exploration work and the emphasis on looking for a certain type of deposit. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, among other things, those set forth in Cancor's 2009 Annual Information Form, a copy of which can be obtained on the SEDAR website at www.sedar.com.

Contact Information

  • Mr. Khobzi
    Company president, Montreal
    514-849-3013